Electric motorcycle manufacturer Maeving, based in Coventry, West Midlands, has raised £11 million in a Series A funding round to support its operations in the United States.
Founded in 2020, the company produces electric motorcycles with removable batteries that can be charged using standard plug sockets. Maeving has seen strong financial growth, reporting a fourfold increase in revenue to £5.9 million by the end of 2024.
The investment round includes both equity funding and a £3 million working capital facility provided by HSBC UK. Investors in the equity component include Elbow Beach Capital, Venrex, Future Planet Capital and several angel investors.
Co-founder Will Stirrup commented:
“We have assembled a highly experienced team, designed multiple market-leading products, and we have built a scalable manufacturing operation. Now this funding, alongside facility from HSBC UK, gives us the fuel to make Maeving a global brand.
“We are looking to grow our market share in the US, where we are seeing extraordinary demand, and to further develop our R&D facilities to enable us to continue disrupting and innovating in this fast-growing transport sector. It’s a very exciting time for Maeving.”
The company’s US expansion is already under way, with American sales accounting for 40% of its total revenue so far in 2025.
Andy Farmer, senior corporate relationship director at HSBC UK, said:
“At HSBC UK, we’re committed to helping ambitious businesses grow through practical, well-structured financial support.
“This facility reflects our belief in Maeving’s potential and we’re looking forward to continuing the partnership as they enter into new markets and invest further in their R&D capabilities.”
Maeving plans to use the funding to increase production capacity, strengthen its position in the US market and develop its in-house research and development activities.
Image source: Maeving
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Maeving secures £11m investment to support US expansion
